Principal snaps up German shopping centre

Asset management firm Principal Real Estate Europe has acquired the TraunPassage Shopping Centre in Germany from German asset mananager Meag.

Financial details were not disclosed.

Principal said it executed the deal on behalf of the SCPI Novapierre Allemagne fund managed by PAREF Gestion.

Located at Werner-von-Siemens-Strasse 2 in Traunreut on a 23,600 m2 plot of land, the local shopping centre has a total lettable area of 13,550 m2, and is anchored by Rewe, Müller, C&A and Adler.

The current occupancy rate is around 95%, with the existing leases having a weighted average unexpired term of around 8.3 years. Constructed in 1995 and refurbished in 2015, the property includes 419 car parking spaces.

Traunreut lies approximately ten kilometres east of the Chiemsee lake in Bavaria, Principal.

JLL brokered the transaction on behalf of the vendor. Law firm DLA Piper provided legal advice to the purchaser.

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